ANNUAL REPORT 2005/2006 - Railway Safety Regulator

Corporate GovernanceStatementThe Board is committed to conducting the affairs of the entity withintegrity and in accordance with the highest standards of corporatepractice. Monitoring the entity’s compliance with this approachforms part of the mandate of the Audit Committee and theFinance Committee.GOVERNANCE STRUCTURESThe Board of DirectorsThe Board of Directors comprises executive and non-executive directors.The non-executive directors have a wide range of differentskills and significant commercial and other interests that enablethem to bring independent judgement to the Board’s deliberationsand decisions.The roles of the Chairperson and Chief ExecutiveOfficer do not rest in the same person. The Chairperson is a nonexecutivedirector.Method of Appointment of the BoardThe member of the Cabinet having political responsibility for theRegulator is the Minister of Transport.The Board is therefore appointed by the Minister of Transport.Board CommitteesThe Board has constituted five board committees which arechaired by non-executive directors with the exception of the AuditCommittee which is chaired by an independent member.The names of the members of the Board of Directors and membersof various committees as at the date of this Annual Reportare given on pages 30.Statement Of Responsibility ofAnnual Financial StatementsApproval of the Financial Statements for the year ended 31 March2006The accounting authority is responsible for the preparation, integrityand fair presentation of the financial statements of Railway SafetyRegulator. The accounting authority is the Board of Directors ofRailway Safety Regulator.The financial statements have been prepared on a going concernbasis, in accordance with South African Statements of Generally AcceptedAccounting Practice and conform with applicable accountingstandards. Consistent and appropriate accounting policies have beenapplied and supported by reasonable and prudent judgement estimates.The going concern basis has been adopted in preparing the financialstatements. The accounting authority has no reason to believe thatthe entity will not be a going concern in the foreseeable future. Thesefinancial statements support the viability of the entity.The financial statements set out on pages 30 - 47 were approved andsigned by the accounting authority of the Railway Safety Regulator on10th August 2005 and are signed on its behalf by :-Code of EthicsA Code of Ethics has been implemented, which complies with thehighest standards of integrity, behaviour and ethics in dealing withall stake holders, including the entity’s directors, managers,employees, customers, suppliers and society at large._______________________Chief Executive OfficerJohannesburg________________________Chairman of the BoardAnnual Report - 31